Conventional Loans

Conventional Loans

Conventional loans hold better terms than other loan types and usually issued by private lenders instead of government authorities like FHA, VA, or USDA. However, most of them have the insurance backing of government-sponsored enterprises, including the Federal National Mortgage Association (Fannie Mae) or Federal Home Loan Mortgage Corporation (Freddie Mac).

If you’re looking for lower fees and having good-to-excellent credit, appropriate monthly debt obligations, good monthly income, and a down payment ready for 5-20% you can avail conventional mortgage in Palm Beach.

Most Common Types of Conventional Loans

Fixed Rate Mortgages: Your rate and payment never change.

  • 30 Year Fixed Loan
    Benefits: Lowest fixed monthly payments
  • 20 Year Fixed Loan
    Benefits: Low fixed monthly payments
  • 15 Year Fixed Loan
    Benefits: Lower rate than the 30 or 20 Year Fixed Loans; Pay less interest and pay your home off more quickly.
  • 10 Year Fixed Loan
    Benefits: Lower rate; Pay off your loan and build equity faster.

Adjustable Rate Mortgages: After the initial period your interest rate can change once a year.

  • 3/1 ARM
    Fixed Rate for 3 Years, Adjustable Rate for the remaining 27 years
  • 5/1 ARM
    Fixed Rate for 5 Years, Adjustable Rate for the remaining 25 years
  • 7/1 ARM
    Fixed Rate for 7 Years, Adjustable Rate for the remaining 23 years
Conventional Loans

Conventional Mortgage in Broward - National Down Payment Requirements

For a conventional mortgage in Broward, the borrowers have to fill application form including down payment requirements. For these transactions, you need to have at least 5-20% of the purchase price and in case you’re aiming for refinancing, spare at least 10% equity in the property.

Property Eligibility for Conventional Loans

Mainly, conventional loans include primary residence, second homes, or investment properties at any given location. For conventional mortgages in Palm Beach, the program also allows:

Want to know if a Conventional Loan is your Best Choice?

Monster Mike will go over your best choices with you, so you can choose the best loan for you. As a broker, we offer the lowest cost of funds and this gives us an option to contribute to your closing costs, especially for excellent credit.

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